BUNDS: Testing Immediate support

ERZ5 98.375/98.625 call spread paper paid 5 on 5K.

• RES 4: 93.00 Round number resistance 
• RES 3: 92.53 High May 9      
• RES 2: 92.26 50-day EMA
• RES 1: 90.88 Intraday high                             
• PRICE: 90.46 @ 13:17 BST May 21
• SUP 1: 90.39 Intraday low                                          
• SUP 2: 89.99 Low Apr 9 and a key support
• SUP 3: 89.42 1.00 proj of the Apr 7 - 9 - May 2 price swing   
• SUP 4: 89.00 Round number resistance      

A bear cycle in Gilt futures remains in play and recent weakness strengthens a bearish theme. Support at 90.92, the 76.4% retracement of the Apr 9 - May 2 rally, has been cleared. This break paves the way for an extension towards 89.99, the Apr 9 low and the next key support. Resistance to watch is 92.26, the 50-day EMA. Clearance of this level would be bullish and signal a potential reversal.

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